BUY SIGNAL!!!
Lithium Exploration Group (OTCPK: LEXG) announces the completion of the acquisition and drilling funding for the oil and gas development project in Louisiana. The transaction closed last week and immediate steps are being taken to complete the initial workovers that were identified from the seismic analysis completed earlier this year. Development drilling will then begin.
Lithium Exploration Group plans to immediately convert its investment into the override of gross production to which it is entitled and should receive its first ever positive revenue next month. The data from the seismic shoot last year has resulted in well over 100 drilling locations and the development budget will allow for one rig to be on site indefinitely for continuous drilling and completion efforts.
"At the request of our team in Houston and their financial partners, we were asked not to make any public announcements until after the transaction was completed," commented CEO Alex Walsh. "This marks a new era for LEXG where we have revenue and stability to keep this company going indefinitely. We intend to continue to support the SonCav technology in their commercialization efforts, and will look forward to opportunities like this project in Louisiana to diversify our operations for the benefit of our shareholders. I will be releasing a detailed update on all of our operations, goals, and plans later this week."
